After Saudi Aramco, Abu Dhabi National Oil Company (ADNOC) will pick up stake in the planned $44-billion refinery-cum-petrochemical project in Maharashtra.
An initial agreement for ADNOC taking stake is slated to be signed in UAE on Sunday, official sources said. Saudi Aramco, the world’s largest oil producer, had last month signed an agreement to take up 50% stake in the Ratnagiri refinery project.
ADVERTISEMENT
Aramco had, at the agreement signing event, stated that it will at a later date dilute some of its 50% equity stake in the 60-million tonne-a-year refinery project in favour of another strategic investor. Now, the Saudi national oil company is diluting some of that stake to ADNOC, they said.
UAE Minister and ADNOC Group CEO Sultan Al Jaber, Aramco CEO Amin H Nasser and Indian Oil Minister Dharmendra Pradhan will be present at the agreement signing ceremony in UAE.
ADVERTISEMENT
As per the April agreement, Aramco is to supply half of the crude oil required for processing at the refinery that will be commissioned by 2025. State-owned refiners Indian Oil Corp, Hindustan Petroleum Corp Ltd. and Bharat Petroleum Corp Ltd will own the remaining 50% stake.